GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
815 Industrial Dr, Clare, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Jun 30, 2029 |
| Remaining term | 2.9 yrs |
| Lease term (months) | — |
| Annual base rent | $83,148 |
| Base rent $/SF | $30.84 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Dec 02, 2028 |
| Year built | 1990 |
| Building SF | 2,696 |
| Land area (acres) | 1.38 |
| Pre G&A CFC | 5.08x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 4,156 | 4,156 |
| Households | 0 | 1,663 | 1,663 |
| Pop. density (/sq mi) | 0 | 147 | 53 |
| Avg HH income | — | $63,431 | $63,431 |
| Poverty rate | — | 24.7% | 24.7% |
| Bachelor's+ | — | 18.4% | 18.4% |
| Median home value | — | $128,000 | $128,000 |
| Median rent | — | $808 | $808 |
| Median age | — | 43 | 43 |
| Owner-occupied | — | 61.2% | 61.2% |
815 Industrial Dr is a Marathon-branded convenience store in Clare, MI, operated by GPM Investments under the Fas Mart banner. The site scores 42 out of 100 on location grade, reflecting thin surrounding density and modest traffic counts. With 2.9 years of remaining term and a single renewal option, this is a near-term rollover play in a secondary nonmetro market.
The immediate one-mile radius shows no measurable residential population, with the trade area concentrated at the three-mile ring where 4,156 residents report average household income of $63,431 and a 24.7 percent poverty rate. Population is effectively identical at the five-mile ring, indicating a contained, low-growth trade area. Median home values of $128,000 and median rent of $808 reflect a modest, cost-constrained consumer base with limited discretionary spending.
Clare sits in Isabella County, a nonmetro urban market adjacent to the broader mid-Michigan metro corridor, with modest countywide population growth of 0.9 percent from 2020 to 2024. Unemployment stands at 5.1 percent, above typical Sun Belt benchmarks, and the local retail and food-service base of 372 combined establishments signals a functioning but small regional economy. The broader macro environment for rural convenience retail remains pressured by rising EV penetration, with 11 charging stations already present within five miles.
Traffic at the site is light at 5,280 AADT, and a Walk Score of 18 confirms near-total auto dependency. The site benefits from proximity of 0.07 miles to the nearest major road and faces no direct competition within a half-mile radius, though four competing gas stations exist within one mile.
FEMA designates the site Zone X, indicating minimal flood exposure. No state crime data was available for independent benchmarking, which limits underwriting precision on security risk. The overall risk profile is dominated by lease and market structure rather than physical hazard.
With only 2.9 years of remaining term and a notice date of December 2028, a buyer acquires near-term rollover risk rather than long-term income stability. No rent-at-expiration data is available, making it impossible to underwrite an escalation story. GPM Investments, a subsidiary of publicly traded ARKO Corp., provides institutional-grade credit from the sixth-largest U.S. convenience operator, but that credit quality does not eliminate the fundamental short-duration risk. Buyers must underwrite to either a lease renewal at current or negotiated rent, or a repositioning scenario upon vacancy.
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